DGAP-News: SMA Solar Technology AG: SMA Generates a Break-Even Result Before One-Time Items in Q2 2013

DGAP-News: SMA Solar Technology AG: SMA Generates a Break-Even Result Before 
One-Time Items in Q2 2013 

DGAP-News: SMA Solar Technology AG / Key word(s): Half Year Results
SMA Solar Technology AG: SMA Generates a Break-Even Result Before
One-Time Items in Q2 2013

08.08.2013 / 07:00


SMA Solar Technology - AG Corporate News

SMA Solar Technology AG Generates a Break-Even Result Before One-Time Items
in Q2 2013

Overview of H1 2013:
  - 2.5 gigawatts of inverter output sold (Q1-Q2 2012: 4.0 GW)

  - Sales in line with forecast at EUR461.5 million (Q1-Q2 2012: EUR833.7

  - International share rose to 67.4% (Q1-Q2 2012: 53.7%)

  - Positive earnings before interest, taxes, depreciation and amortization
    (EBITDA) of EUR14.2 million 
    (Q1-Q2 2012: EUR114.2 million) affected by
    one-time items from personnel adjustments of EUR15.0 million

  - Net cash of EUR348.2 million (Dec. 31, 2012: EUR446.3 million) and
    equity ratio of 58.3%
    (Dec. 31, 2012: 61.8%)

  - Managing Board confirms sales and earnings forecast for fiscal year

Niestetal, August 8, 2013 - In the first half of 2013, SMA Solar Technology
AG (SMA/FWB: S92) sold PV inverters with an output of 2.5 gigawatts (Q1-Q2
2012: 4.0 GW) in a market environment characterized by increasing
competitive pressure and a considerable price slump. Sales decreased by 45%
compared with the same period of the previous year to EUR461.5 million
(Q1-Q2 2012: EUR833.7 million). The international share of total sales,
which increased to 67.4% from 53.7% (Q1-Q2 2012), reflects SMA's
outstanding international position with excellent sales and service
structures and a full range of products. The most important foreign markets
in the first half of the year included the U.S., Japan, Australia and
Thailand. In Europe, the Eastern European markets, Benelux and Great
Britain offered positive stimuli. However, overall demand continued to lag
substantially in Europe due to dramatic changes to the subsidy conditions,
in particular in Germany and Italy, the unresolved financial crisis and the
possible introduction of punitive duties on Chinese PV modules.

Despite the sharp decline in sales, SMA succeeded in generating positive
earnings before interest, taxes, depreciation and amortization (EBITDA) of
EUR14.2 million in the reporting period (Q1-Q2 2012: EUR114.2 million).
EBIT was at
EUR-23.3 million in the first half of 2013 (Q1-Q2 2012: EUR83.7 million).
EBIT includes expenses for personnel adjustments of EUR15.0 million. This
corresponds to an EBIT margin of -5% (Q1-Q2 2012: 10%). The ongoing efforts
to reduce costs and increase productivity made a positive impact in the
second quarter of 2013. EBIT adjusted for expenses for personnel
adjustments increased in comparison to the first three months of the fiscal
year to EUR0.2 million. However, this was not sufficient to compensate for
the earnings slump in the first quarter of 2013 and the one-time items of
the planned personnel changes. The group earnings amounted to EUR-16.2
million in the reporting period
(Q1-Q2 2012: EUR59.4 million). The considerable decline in operating profit
compared with the same reporting period of the previous year is
attributable in particular to the sharp drop in sales, the decline in
prices and one-time items of the planned personnel adjustments.

With net cash of EUR348.2 million (Dec. 31, 2012: EUR446.3 million) and an
equity ratio of 58.3% (Dec. 31, 2012: 61.8%), SMA continues to have a solid
financial position.

'SMA will continue to invest in technology development to further lower
manufacturing costs with entirely new product platforms. We will also
pursue our globalization strategy to benefit from demand stimuli in
photovoltaic markets outside Europe through a strong local presence. The
slump in demand in Europe forces additional cost cutting measures and an
adjustment to the personnel structures. By implementing the different
measures, we will sustainably improve our competitiveness. In the
medium-term, as a specialist for system technology SMA is set to benefit
from the trend toward energy management, construction of PV power plants
and the supplementation of stationary diesel gensets with PV systems,'
explains SMA Chief Executive Officer Pierre-Pascal Urbon.

The SMA Managing Board is adhering to its sales and earnings forecast for
2013. This forecast calls for sales of
EUR0.9 billion to EUR1.3 billion for the SMA Group. With regard to the
operating result adjusted for one-time items of the planned staff
reduction, the SMA Managing Board expects to break even, at best, but
cannot rule out making a loss.

The half-yearly financial report for January to June 2013 is available at

About SMA 
The SMA Group generated sales of EUR1.5 billion in 2012 and is the global
market leader for solar inverters, a key component of all PV plants  and,
as an energy management group, offers innovative key technologies for
future power supply structures. It is headquartered in Niestetal, near
Kassel, Germany, and is represented internationally in
21 countries. The Group employs more than 5,000 people worldwide. SMA's
broad product portfolio includes a compatible inverter for every type of
module on the market and for all plant sizes. The product range includes
both inverters for photovoltaic plants connected to the grid as well as
inverters for off-grid systems. SMA is therefore able to provide ideal
technical inverter solutions for all plant sizes and types. Since 2008, the
Group's parent company, SMA Solar Technology AG, has been listed on the
Prime Standard of the Frankfurt Stock Exchange (S92) and also in the TecDAX
index. In recent years, SMA has received numerous awards for excellence as
an employer and achieved first place in the nationwide 'Great Place to
Work(R)' competition in 2011 and 2012 and fourth place in 2013.

SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal

Head of Corporate Communications:
Anja Jasper
Tel.: +49 561 9522-2805

Press contact:
Susanne Henkel
Manager Corporate Press
Tel.: +49 561 9522-1124
Fax +49 561 9522-421400

Investor Relations contact:
Julia Damm 
Manager Investor Relations 
Tel. +49 561 9522-2222
Fax +49 561 9522-2223

This Corporate News serves only as information and does not constitute an
offer or invitation to subscribe for, acquire, hold or sell any securities
of SMA Solar Technology AG (the 'Company') or any present or future
subsidiary of the Company (together with the Company, the 'SMA Group') nor
should it form the basis of, or be relied upon in connection with, any
contract to purchase or subscribe for any securities in the Company or any
member of the SMA Group or commitment whatsoever. Securities may not be
offered or sold in the United States of America absent registration or an
exemption from registration under the U.S. Securities Act of 1933, as

This Corporate News can contain future-oriented statements. Future-oriented
statements are statements which do not describe facts of the past. They
also include statements about our assumptions and expectations. These
statements are based on plans, estimations and forecasts which the Managing
Board of SMA Solar Technology AG (SMA or company) has available at this
time. Future-oriented statements are therefore only valid on the day on
which they are made. Future-oriented statements by nature contain risks and
elements of uncertainty. Various known and unknown risks, uncertainties and
other factors can lead to considerable differences between the actual
results, the financial position, the development or the performance of the
corporation and the estimates given here. These factors include those which
SMA has discussed in published reports. These reports are available on the
SMA website at www.SMA.de. The company accepts no obligation whatsoever to
update these future-oriented statements or to adjust them to future events
or developments.

End of Corporate News


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Language:    English                                                
Company:     SMA Solar Technology AG                                
             Sonnenallee 1                                          
             34266 Niestetal                                        
Phone:       +49 (0)561 / 9522 - 0                                  
Fax:         +49 (0)561 / 9522 - 100                                
E-mail:      info@sma.de                                            
Internet:    http://www.sma.de                                      
ISIN:        DE000A0DJ6J9                                           
WKN:         A0DJ6J                                                 
Listed:      Regulierter Markt in Frankfurt (Prime Standard);       
             Freiverkehr in Berlin, Düsseldorf, München, Stuttgart  
End of News    DGAP News-Service  
224717 08.08.2013                                                      
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